Solana

FLOKI

TokenFi

The&nbsp;Hong Kong Securities and Futures Commission (SFC) has warned users about staking in the&nbsp;dog-themed memecoin project Floki, describing them as “suspicious investment products.”
On Jan. 26, the SFC <a href="https://cointelegraph.com/news/sfc-flags-floki-protocol-staking-programs-as-unauthorized">cautioned users from its jurisdiction</a> about the Floki and TokenFi staking programs, pointing out their annualized return promise of between 30% and more than 100%. According to the SFC, investors should be cautious about products that claim to offer returns that are “too good to be true.”
Floki responded to the SFC warning by blocking Hong Kong-based users from joining its staking program.
The regulator also highlighted that neither of the investment products were authorized in Hong Kong. The SFC added that unauthorized investment schemes have limited to no protection under its Securities and Futures Ordinance (SFO) and that investors “may lose all their investments.”
<blockquote class="twitter-tweet">
 We just published a response to the Hong Kong SFC's notice about the Floki and TokenFi staking programs. Our response highlights our thoughts about their notice, why <a href="https://twitter.com/search?q=%24FLOKI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FLOKI</a> and <a href="https://twitter.com/search?q=%24TOKEN&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TOKEN</a> can sustainably have an impressively high APY, and our plans going forward!… <a href="https://t.co/YfpnnDMhfq">pic.twitter.com/YfpnnDMhfq</a>— FLOKI (@RealFlokiInu) <a href="https://twitter.com/RealFlokiInu/status/1752011678701523092?ref_src=twsrc%5Etfw">January 29, 2024</a>
</blockquote> 
In a Jan. 29 blog post, the people behind the memecoin <a href="https://floki.medium.com/statement-responding-to-hk-sfc-warning-da148338cea0" target="_blank" rel="noopener nofollow">announced</a> that they’ve been working with its legal advisers to clarify and address potential regulatory issues for the staking project.
Related: <a href="https://cointelegraph.com/news/trader-gains-2-million-solana-memecoin-frenzy">Trader hits $2M jackpot after putting $62 into a Solana memecoin</a>
The team <a href="https://floki.medium.com/statement-responding-to-hk-sfc-warning-da148338cea0" target="_blank" rel="noopener nofollow">said</a> that it’s taken several steps, including placing warnings on the Floki and TokenFi staking sites to warn users from Hong Kong that they are not eligible to join. They wrote: 
<blockquote data-ct-non-breakable="true">
 “As a responsible community, we will continue to implement those measures to prevent Hong Kong users from joining the staking program until the relevant regulatory issues have been resolved.”
</blockquote>
The team also confirmed that as of Jan. 29, there’s no record of Hong Kong users joining the staking programs. The Floki team added that it had already paused its offline marketing in Hong Kong before its launch in December 2023. 
The Floki team addressed the SFC’s primary concern about the high annual percentage yield (APY) by offering multiple explanations. They highlighted that the “rewards are volatile and influenced by market dynamics.” Further, they clarified that the value of staking rewards may fluctuate based on the market valuation of the token rewards.
Magazine: <a href="https://cointelegraph.com/magazine/simp-dao-queen-irene-zhao-good-memes-harder-trading-hall-of-flame/">Simp DAO queen Irene Zhao on why good memes are harder than trading: X Hall of Flame</a>

Floki restricts Hong Kong staking after Securities Commission’s warning

Cointelegraph

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